Post by account_disabled on Mar 5, 2024 22:26:16 GMT -5
Monday, February 17. The spread of the new coronavirus continues unabated in China, but fewer than 1,000 people have been infected abroad. With the virus out of sight and mostly out of mind, the Dow Jones industrial average is hovering around 30,000 points, driven by the longest economic expansion in US history. What investors could not have known is that over the next 30 days, the coronavirus would break out of quarantine in China, with major outbreaks in South Korea and Italy, then Spain, France, Germany, the United Kingdom and the United States. The virus brought business to an abrupt halt, crushed stock markets and forced central banks to take emergency action on an even greater scale than during the 2008 global financial crisis.
A global recession, once Cambodia Telegram Number Data unthinkable in 2020, is now an inevitable outcome, and some experts warn that the pandemic could plunge the world's economy into depression. More bad news: The coronavirus outbreak may have just begun. Banks and central governments are now unleashing a tsunami of interest rate cuts, loan guarantees and new spending, using emergency powers to reassure investors, cushion the shock to companies and workers and preserve the foundations of a functioning economy to the future. Read also: Statutory changes/ Bardhi and Gjekmarkaj vice president, Tabaku in the Chair What the world would be like if WWII never happened In the United States, the Trump administration is urging Congress to pass a bailout bill that would inject $1 trillion into the economy to prevent mass layoffs as much of the world's largest economy is closed and airlines, hotels and restaurants have run out of money.
In an extraordinary move, the UK government said on Friday it would pay 80% of the wages of anyone at risk of losing their job due to the pandemic. However, financial rescue efforts may already be too late. Goldman Sachs estimates that 2.25 million Americans applied for unemployment benefits this week — the largest number ever recorded. Meanwhile, the number of coronavirus cases marches on. The global number of infections has reached 270,000, and more than 11,000 people have died worldwide. Spain, Italy, France and the United Kingdom are under partial or full lockdown measures. California, which boasts the world's fifth-largest economy, has instructed 40 million people to stay at home.
A global recession, once Cambodia Telegram Number Data unthinkable in 2020, is now an inevitable outcome, and some experts warn that the pandemic could plunge the world's economy into depression. More bad news: The coronavirus outbreak may have just begun. Banks and central governments are now unleashing a tsunami of interest rate cuts, loan guarantees and new spending, using emergency powers to reassure investors, cushion the shock to companies and workers and preserve the foundations of a functioning economy to the future. Read also: Statutory changes/ Bardhi and Gjekmarkaj vice president, Tabaku in the Chair What the world would be like if WWII never happened In the United States, the Trump administration is urging Congress to pass a bailout bill that would inject $1 trillion into the economy to prevent mass layoffs as much of the world's largest economy is closed and airlines, hotels and restaurants have run out of money.
In an extraordinary move, the UK government said on Friday it would pay 80% of the wages of anyone at risk of losing their job due to the pandemic. However, financial rescue efforts may already be too late. Goldman Sachs estimates that 2.25 million Americans applied for unemployment benefits this week — the largest number ever recorded. Meanwhile, the number of coronavirus cases marches on. The global number of infections has reached 270,000, and more than 11,000 people have died worldwide. Spain, Italy, France and the United Kingdom are under partial or full lockdown measures. California, which boasts the world's fifth-largest economy, has instructed 40 million people to stay at home.